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20120930
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everybody for being here and for braving the rain to talk about the fiscal cliff and we will try not to ruin your lunch. as howard mengin we put out a report yesterday about the tax components of the fiscal clef walking through the various details about what the potential effect would be on american households. today in the quick remarks i want to meet five basic points the we've raised in that study. the first on my talking points is the fiscal cliff really is big from the tax point of view that if we go entirely off the cliff and remain there for all of 2013 would be more than 500 billion-dollar tax increase. if you think about federal tax revenue running in the neighborhood of $2.5 trillion that works out to the tax increase of more than 20 per cent, which is very large. we have a media asked us yesterday whether there would be the largest tax increase in history and as best we can tell the answer to that is no. backend world war ii there was a larger tax increase but it's certainly the tax increase is certainly something big. the average across households works out to about $3,500 if you
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